Daily Analysis For USD/JPY 05-04-2023

Daily Analysis For USD/JPY 05-04-2023

USD/JPY Analysis
USD/JPY
Economic Events and Scenario for USD/JPY
Economic Events: -
GMTEventImpactCurrency
00:00(Australia) Ai Group Industry IndexMediumAUD
00:00(Australia) Judo Bank Services PMIHighAUD
00:00(Australia) Judo Bank Composite PMILowAUD
00:00(Australia) Ai Group Construction IndexLowAUD
00:00(Australia) Ai Group Manufacturing IndexLowAUD
01:00(China) Qingming FestivalNoneCNY
01:01(Ireland) AIB Services PMILowEUR
01:30(Japan) Jibun Bank Services PMIMediumJPY
01:30(Japan) Jibun Bank Composite PMILowJPY
02:30(Australia) RBA Chart PackLowAUD
03:00(New Zealand) RBNZ Interest Rate DecisionMediumNZD
03:30(Australia) RBA Gov Lowe SpeechHighAUD
07:00(Germany) Factory Orders MoMMediumEUR
07:45(France) Industrial Production MoMMediumEUR
08:00(Spain) Industrial Production YoYLowEUR
08:15(Spain) S&P Global Composite PMILowEUR
08:15(Spain) S&P Global Services PMIHighEUR
08:45(Italy) S&P Global Services PMIHighEUR
08:45(Italy) S&P Global Composite PMILowEUR
08:50(France) S&P Global Services PMIMediumEUR
08:50(France) S&P Global Composite PMILowEUR
08:55(Germany) S&P Global Services PMIHighEUR
08:55(Germany) S&P Global Composite PMILowEUR
09:00(Germany) New Car Registrations YoYLowEUR
09:00(Euro Area) S&P Global Composite PMILowEUR
09:00(Euro Area) S&P Global Services PMIHighEUR
09:00(United Kingdom) New Car Sales YoYLowGBP
09:30(United Kingdom) S&P Global/CIPS UK Services PMIHighGBP
09:30(United Kingdom) S&P Global/CIPS Composite PMILowGBP
10:00(France) New Car Registrations YoYLowEUR
10:00(Italy) Retail Sales YoYHighEUR
10:00(Italy) Retail Sales MoMHighEUR
10:00(Cyprus) Construction Output YoYLowEUR
10:00(Cyprus) Current AccountLowEUR
10:30(Germany) 7-Year Bund AuctionLowEUR
11:00(Luxembourg) Inflation Rate YoYLowEUR
11:00(Luxembourg) Inflation Rate MoMLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Ireland) Unemployment RateLowEUR
11:10(European Union) 6-Month Bill AuctionLowEUR
11:10(European Union) 3-Month Bill AuctionLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:15(United States) ADP Employment ChangeHighUSD
13:30(Canada) ImportsLowCAD
13:30(Canada) ExportsLowCAD
13:30(Canada) Balance of TradeHighCAD
13:30(United States) ExportsMediumUSD
13:30(United States) ImportsMediumUSD
13:30(United States) Balance of TradeHighUSD
14:45(United States) S&P Global Composite PMIMediumUSD
14:45(United States) S&P Global Services PMIHighUSD
15:00(United States) ISM Non-Manufacturing Business ActivityLowUSD
15:00(United States) ISM Non-Manufacturing PricesLowUSD
15:00(United States) ISM Non-Manufacturing New OrdersLowUSD
15:00(United States) ISM Non-Manufacturing EmploymentMediumUSD
15:00(United States) ISM Non-Manufacturing PMIHighUSD
15:00(Euro Area) ECB Lane SpeechLowEUR
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 10-Year Bond AuctionLowCAD
Today's Scenario: - USD/JPY is currently showing indecision on a daily basis, with the pair trading at 131.70 as of Wednesday's European session. The Yen pair is closely following the recent consolidation in US Treasury bond yields as the market remains cautious ahead of key US data releases.
Buy Scenario: - If the quote drops below 130.70, the possibility of a break of the psychological magnet at 130.00 cannot be ruled out. Conversely, the short-term advances of the USD/JPY pair may face resistance around 133.05, comprising the 50-DMA and 23.6% Fibonacci retracement. Further, the 100-DMA and a downward-sloping trend line from late October 2022, located respectively near 133.65 and 135.00, could challenge the yen pair buyers. However, it's worth noting that the USD/JPY's run-up beyond 135.00 may confront the Year-To-Date (YTD) high around 137.90. Till we did not advise to buy in USD/JPY.
Sell Scenario: - USD/JPY sees a decline to refresh its intraday low near 131.40. This marks the third consecutive day of losses for the yen pair after reversing from the 100-DMA last week. The convergence of the 50-DMA and 23.6% Fibonacci retracement level, which was breached at around 133.05, adds to the bearish sentiment for USD/JPY.
Moreover, the steady RSI (14) and sluggish MACD signals further strengthen the downside bias. Nevertheless, the RSI level is below 50, suggesting the possibility of dip-buying, which highlights the significance of the upward-sloping support line from January 16, located close to 130.70. Till we did not advise to sell the position in USD/JPY.
Support and Resistance Level: -
SupportResistance
S1 131.09-R1 132.74
S2 130.48-R2 133.78
S3 129.45-R3 134.39

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